A. 1. Stock or other equity interest in a business association is presumed unclaimed three (3) years after the earliest of:
This subsection applies to both the underlying stock, share, or other intangible ownership interest of an owner, and to the stock, share, or other intangible ownership interest in dividend and nondividend paying business associations whether or not the interest is represented by a certificate.
2. Except as otherwise provided in Section 657 of this title, unmatured or unredeemed debt, other than a bearer bond or an original issue discount bond, is presumed unclaimed three (3) years after the date of the most recent interest payment unclaimed by the owner.
3. Except as otherwise provided in Section 657 of this title, matured or redeemed debt is presumed unclaimed three (3) years after the date of maturity or redemption.
4. At the time property is presumed unclaimed under paragraph 1 or 2 of this subsection, any other property right accrued or accruing to the owner as a result of the property interest and not previously presumed unclaimed is also presumed unclaimed.
5. A stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the interest shall not be presumed to be abandoned if the holder has sent a statement or other business communication concerning such property to the owner by first-class mail and the statement or other business communication has not been returned for inability to make delivery to the addressee.
B. 1. The running of any three-year period pursuant to subsection A of this section ceases if the person:
C. Any dividend, profit, distribution, interest, redemption, payment on principal, or other sum held or owing by a business association for or to its shareholder, certificate holder, member, bondholder, or other security holder, who has not claimed it, or corresponded in writing with the business association concerning it, within three (3) years after the date prescribed for payment or delivery, is presumed unclaimed.
D. The Uniform Unclaimed Property Act shall not apply to patronage dividends, capital credits, customer deposits or non-negotiated payment checks held or owing by cooperative electric power or telephone associations organized under the Rural Electric Cooperative Act and the Telephone Cooperative Corporations Act, rural water, sewer, gas and solid waste management districts organized under the Rural Water, Sewer, Gas and Solid Waste Management Districts Act, or agricultural cooperative marketing or supply associations organized under the Cooperative Marketing Association Act; when such associations are domiciled in Oklahoma.
Added by Laws 1967, c. 107, § 5, emerg. eff. April 24, 1967. Amended by Laws 1982, c. 278, § 4, eff. Jan. 1, 1983; Laws 1985, c. 146, § 1, emerg. eff. June 10, 1985; Laws 1990, c. 102, § 3, operative July 1, 1990; Laws 1991, c. 331, § 8, eff. Sept. 1, 1991; Laws 1999, c. 10, § 4, eff. July 1, 1999; Laws 2005, c. 124, § 1, eff. Nov. 1, 2005.